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Out of context: Reply #7

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  • mbr0

    MBR Studios is an LLC. No, you don't have to put 'LLC' after the name.

    LLC - liability coverage, quick and easy to get (I paid a lawyer $750 to write it up, but that was because I needed it done immediately), 'transparent' taxes

    S Corp - what many small businesses did before there were LLCs (which are pretty new).
    Liability coverage
    Must have a 'board of directors', even if it's just you and a partner
    Must have documented 'meetings'
    Transparent taxing

    Corp - same as S Corp, but you are taxed twice, once at the company level, then once as personal income.
    Only useful for large companies

    My accountant charges a minimum of something like $2k for LLCs and much more for C corps. Thankfully, because it's 'transparent' taxing, my companies income is my income (although I do have a partner).

    http://www.lectlaw.com/files/buo…
    http://www.nolo.com/article.cfm/…

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